黄金股: 永赢中证沪深港黄金产业股票交易型开放式指数证券投资基金2025年第2季度报告

Core Viewpoint - The report highlights the performance and investment strategy of the Yongying CSI Hong Kong Gold Industry Stock ETF for the second quarter of 2025, emphasizing its adherence to index tracking and the potential for growth in gold and gold stocks due to macroeconomic factors [1][11]. Fund Overview - Fund Name: Yongying CSI Hong Kong Gold Industry Stock ETF - Fund Manager: Yongying Fund Management Co., Ltd. - Fund Custodian: Agricultural Bank of China Co., Ltd. - Total Fund Shares at Period End: 3,217,404,000 shares [3][6]. Financial Performance - The fund's net asset value (NAV) per share at the end of the reporting period was 1.4763 RMB, with a net value growth rate of 11.93% during the period [12]. - The benchmark performance for the same period was 11.04%, indicating a strong performance relative to the benchmark [12]. Investment Strategy - The fund primarily employs a full replication method to invest, aiming to minimize tracking error to within 2% annually and maintain an average daily tracking deviation of no more than 0.2% [3][12]. - The fund's investment strategy includes stock investment, index futures, and other financial instruments, focusing on gold-related equities [3][12]. Market Context - The CSI Hong Kong Gold Industry Index rose by 11.04% during the quarter, while domestic gold prices (AU9999) increased by 4.60% and London gold prices by 5.74%, indicating a significant amplification effect of gold stocks relative to gold prices [10][11]. - The report anticipates further upward potential for gold and gold stocks, driven by macroeconomic conditions such as expected interest rate cuts and inflation resilience in the U.S. economy [11]. Portfolio Composition - As of the end of the reporting period, the fund's total assets were primarily allocated to stocks, with a significant portion (99.36%) invested in equities, particularly in the mining sector [13]. - The mining industry accounted for 52.95% of the fund's net asset value, reflecting a strong focus on gold mining companies [13]. Management and Compliance - The fund management adheres to strict compliance with relevant laws and regulations, ensuring fair treatment of all investment portfolios and preventing conflicts of interest [9][10]. - The fund manager has not utilized proprietary funds for investment in this fund during the reporting period [16].